Cuomo and legislative leaders say they have a deal to restructure state income tax

Thumbnail image for NYS Capitol from ESPAndrew Cuomo and legislative leaders announced today that they've reached a deal to restructure the state's income tax.

The Cuomo admin is touting the restructuring as an attempt to "restore fairness to the tax system." Basically, it makes the tax structure more progressive -- that is, the more a person makes, the higher their rate. The admin says 4.4 million New Yorkers will get a tax cut under the new structure.

So, if you're under $300,000 (and more than $40k), you would get a tax cut under this arrangement. Above $300k, your taxes are going up (compared to the rate from a few years back). [NY Post]

As usual, it's little (or a lot) more complicated than that. The bracket breakdown in the press release doesn't really tell the whole story because it doesn't include the temporary personal income surcharge ("millionaire's tax") that's currently in effect -- the TU's Jimmy Vielkind has put together a spreadsheet that makes it a bit more clear.

The Cuomo admin says the new structure generates $1.9 billion in additional revenue for the state -- though that's about $2 billion less than what was generated by the "millionaire's tax", which expires at the end of this month. [NYT] [TU CapCon]

The deal announced today also includes funding for infrastructure projects, support for a constitutional amendment to allow full casino gaming, grants for flood recovery, a few other initiatives.

If you're thinking to yourself: "Wait, did I miss the part where this was all discussed and debated publicly?" The answer is: no, of course not. This is New York.

Comments

Everyone and their mother has been pontificating about the millionaire's tax for at least the past three years. So I don't see it as true that this was not "discussed and debated publicly."

Yes, Bob, execpt in the Capitol. There was no recorded, public discussion in either chamber of Legislature.

Blog discussions don't exactly count as our representatives publicly debating policy.

Overall, the cuts to the lower/middle classes are miniscule as is the hike to the upper class. What a joke...

I'd say that this is an improvement. At a time of rapidly growing wealth disparity, the proposed tax code is more progressive than what we would have otherwise got. So that's progress. Incremental progress, but progress. Am I missing something? (Really, I want to know).

Say Something!

We'd really like you to take part in the conversation here at All Over Albany. But we do have a few rules here. Don't worry, they're easy. The first: be kind. The second: treat everyone else with the same respect you'd like to see in return. Cool? Great, post away. Comments are moderated so it might take a little while for your comment to show up. Thanks for being patient.

The Scoop

Ever wish you had a smart, savvy friend with the inside line on what's happening around the Capital Region? You know, the kind of stuff that makes your life just a little bit better? Yeah, we do, too. That's why we created All Over Albany. Find out more.

Recently on All Over Albany

Happy Thanksgiving!

We hope you're enjoying the holiday -- in whatever shape it's taking for you. Thanks for being part of AOA this year!... (more)

Holiday markets 2014

Many people will be out and about doing holiday shopping over the next few weeks. If you're looking for something a little bit different --... (more)

Lark Street's Hot Dog Heaven closing

A piece of Lark Street history closes its doors for good on Sunday. Hot Dog Heaven, the tiny Lark Street diner where Barbara Lamperella and... (more)

What's up in the Neighborhood

Among the topics in this most recent spin around the Capital Region's online neighborhood: Thanksgiving, media criticism, a fire tower, Cooperstown, moss, the Saratoga restaurant... (more)

Checking out Slidin' Dirty's new restaurant space

I'm a big fan of food trucks, and particularly fond of Slidin' Dirty. So I was over the moon when I heard they were opening... (more)

Recent Comments

I am so very thankful for the wonderful people who wandered in and out of my life over the last few years. They have given me the love and support I need to survive and thrive. Last year at this time I was at my lowest. By the grace of all that is good in my life, I have climbed out and I'm happier than I've been in a very, very long time.

City Line Bar and Grill

...has 11 comments, most recently from Me Too

Holiday markets 2014

...has 1 comment, most recently from julie

Checking out Slidin' Dirty's new restaurant space

...has 7 comments, most recently from Cyril

Drawing: What are you thankful for this year?

...has 46 comments, most recently from llcwine

A look inside The Shop in Troy

...has 12 comments, most recently from misty